Trump touts ‘done’ deal with Beijing on rare earths, Chinese students
Trump said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for...
Business
Qualcomm to Alphawave for $2.4 bn
The deal makes Alphawave the latest tech company to depart London.
Business
Economy
Major oil powers slash production ahead of OPEC+ meet
Cuts by the Saudis, Iraq, UAE, Kuwait, Algeria and Oman from May to the end of the year will total...
- Russia, a member of OPEC+, said it was also extending its cuts of 500,000 bpd to the end of this year, calling it "a responsible and preventive action".
- The cuts were announced despite calls from the US to raise production as consumption rises and as China, the world's biggest oil consumer, reopens after its Covid shutdown.
Business
GKSD to invest in Middle East
The investment was announced during Investopia 2023.
- 'Smart Clinics', which was hailed as one of the key outcomes of the conference, is a new concept in the healthcare sector that focuses on improving life quality.
- Gruppo San Donato, a private hospital group in Italy, and UAE Ministry of Economy, are part of an MoU for the Smart Clinics program.
Arts & Culture
UAE highlights ways to enhance education system at UK meet
DUBAI, UAE - A UAE group highlighted its technological programs and initiatives aimed at boosting the educational system and reviewed...
- The UAE emphasized the significance of the event to explore the future of EdTech and ways to benefit from its applications.
- It has launched initiatives that attract international academic expertise to improve the integrated educational model.
Science
Dubai Chamber reviews software development, Artificial Intelligence sector
DUBAI, UAE - Dubai Chamber of Digital Economy highlighted software development and artificial intelligence (AI) industry in its 10th session...
- Various executives, business leaders and experts of the digital industry discussed at length the challenges and opportunities present in the sector
- Dubai aims to become a top destination for global digital investment and tech talent and is attracting software development professionals,
Business
UBS-Credit Suisse merger could see 36,000 job cuts globally
Geneva, Switzerland -- The merger between banks Credit Suisse and UBS could see up to 36,000 jobs being cut across...
- The takeover of Credit Suisse was arranged by the Swiss government to prevent a global financial meltdown, following fears of contagion from the collapse of banks in US.
- Up to 11,000 jobs could be cut in Switzerland alone, according to the weekly SonntagsZeitung, which did not provide details of which posts could be targeted.
Economy
EU bloc records highest ever trade deficit in 2022
BRUSSELS, BELGIUM - The EU trade in goods registered a large deficit of US$469 billion (€432 billion) in 2022, reaching...
- The deficit was due, in particular, to a steep rise in the value of energy imports, which started towards the end of 2021 and continued through most of 2022.
- Also in 2022, non-EU imports (+41 percent) and exports (+18 percent) reached their highest year-on-year growth rates recorded over the last 10 years.
Business
QatarEnergy acquires 40% interest in Mauritania exploration block
QatarEnergy will hold the interest in the Exploration and Production Agreement pertaining to the C-10 block, while Shell will hold...
- President and CEO of QatarEnergy Saad bin Sherida Al Kaabi said the deal builds on the company's exploration footprint in Africa.
- In October last year, QatarEnergy selected Shell as its second international partner in the North Field South (NFS) expansion project.
Economy
Erdogan vows to build 319,000 homes in quake-hit southern Turkey
Ankara, Turkey--Turkish President Recep Tayyip Erdogan on Saturday pledged to rebuild the country's southern region devastated by powerful earthquakes on...
- The Turkish president promised to erase all traces of the destruction caused by the disaster, and prepare "more strongly" for possible disasters in the future
- The magnitude 7.7 and 7.6 quakes affected more than 13.5 million people in Turkey, as well as many others in northern Syria
Business
Agility posts US$221m profit
Its revenue for 2022 rose to US$2.8bn, a 78% jump.
- The company has ramped up its credit facilities in order to fund its growth plan, which includes the acquisition of John Menzies
- Agility enjoys a healthy balance sheet with $10.72 billion in assets. and the company's net debt stands at $2.60 billion
Business
SWFC to boost Canada-UAE investment partnership
The SWFC will help identify opportunities for strategic capital collaboration and thought leadership between Canadian Public Pension Funds (PPFs) and...
- The Canada-UAE Sovereign Wealth Fund Council aims to harness synergies between Canadian Public Pension Funds and UAE Sovereign Wealth Funds in global markets
- Designed to offer an investment collaboration framework with a more dynamic and flexible structure, the SWFC will benefit Canada and the UAE as two key investment allies
Trump touts ‘done’ deal with Beijing on rare earths, Chinese students
Trump said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for...
Business
Company News
FAB partners with Engie
Business
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Russian oil price cap partially successful
Geostrategy
Tawzea, NWC ink pacts
Business
Mubadala invests in Zenobē
Business
Quiet and not-so-quiet luxury at Paris Fashion Week
PARIS, FRANCE - The Paris Fashion Week menswear shows draw to a close on Sunday. Here are some of the highlights...
Business
UAE foreign investment projects second highest in world: UNCTAD
Abu Dhabi, UAE -- The UAE recorded the second-highest increase in the number of new foreign investment projects around the...
Business
ArcelorMittal wants ‘amicable solution’ on Italy steelworks
ROME, ITALY - ArcelorMittal has offered to sell its stake or become a minority shareholder in an Italian steelworks after Rome...
Business
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Business
China remains world’s largest logistics market in terms of demand
BEIJING, CHINA - The logistics sector in the country achieved steady recovery in 2023 and the country remains the world's...
- As final consumption continues to rebound, it will lead to consistent growth in production and import demand.
- There has been a continuous enhancement in the competitive capabilities of China's logistics enterprises.
Economy
Bahrain and Slovakia to ramp up cooperation in urban planning
Manama, Bahrain-- Bahrain and Slovakia are looking to ramp up the ongoing cooperation in urban planning and sustainable development. In...
- The CEO of UPDA lay emphasis on the need for exchanging expertise and technologies in the field of urban development
- Al Khayat apprised the delegation about UPDA’s role in overseeing the policy of sustainable urban planning in the kingdom
Business
Google to invest US$1bn in UK data centre
It will meet growing demand for internet services in the region.
- The site for the centre, bought by Google in 2020, will be located in the town of Waltham Cross, about 15 miles north of central London
- The UK government pushing for investment to help fund new infrastructure, termed Google's investment as a "huge vote of confidence"